Analysis on nifty for upcoming week May 15-19:
The Nifty index seems to exhibit a bullish trend in both long-term & short-term as well, according to the market structure.
In the upcoming week, it's important to monitor key levels 18065, 18090, 18100, 18105, 18250, & 18389.
My outlook:
The upcoming trading week looks like non-directional, nifty may stay sideways.
If nifty BO 18390 with strong & clear daily candle then we can expect market to be bullish.
If nifty BD 18250 with strong & clear daily candle then we can expect bears are entering into market.
Until nifty sustains above 18250, we can remain bullish on market.
The Nifty index seems to exhibit a bullish trend in both long-term & short-term as well, according to the market structure.
In the upcoming week, it's important to monitor key levels 18065, 18090, 18100, 18105, 18250, & 18389.
My outlook:
The upcoming trading week looks like non-directional, nifty may stay sideways.
If nifty BO 18390 with strong & clear daily candle then we can expect market to be bullish.
If nifty BD 18250 with strong & clear daily candle then we can expect bears are entering into market.
Until nifty sustains above 18250, we can remain bullish on market.
Trade closed manually:
Review on last week NIFTY analysis (May 15-19):
The weekly market trend followed the projected forecast.
Outlook:
According to our analysis, the Nifty index exhibited a sideways movement throughout the week by facing resistance at 18390 & support at 18065.
Actual:
On Monday, Nifty retested the 18390 level and closed near it. Subsequently, Nifty experienced a three-day decline marked by large red candles, followed by finding support at the aforementioned levels and forming a bullish candle by the end of the week.
The weekly market trend followed the projected forecast.
Outlook:
According to our analysis, the Nifty index exhibited a sideways movement throughout the week by facing resistance at 18390 & support at 18065.
Actual:
On Monday, Nifty retested the 18390 level and closed near it. Subsequently, Nifty experienced a three-day decline marked by large red candles, followed by finding support at the aforementioned levels and forming a bullish candle by the end of the week.